NISHA AGARWAL (Chartered Accountant) (454 Points)
22 February 2013An assessee files his return showing income from rent on receipt basis. He received any amount, say, 1,00,000 in the current F.Y. 2012-13 by way of enhancement for say last 6 yrs as the rates of rent were enhanced with retrospective effect.
1. Will the sum of rupees 1,00,000 be taxable in the A.Y. 2013-14?
2. Can it be spread over the last six years?
3. Is there any provision of tax relief like in sec 89(1)??
4. What are the provisions of the Act governing such cases?
Nikhil Kaushik
(Fellow CA)
(85761 Points)
Replied 22 February 2013
Dear Nisha,
Please refer to section 25B. It should cover all the issues raised by you as under:
1. the sum shall be taxable in the AY 2013-14
2. There is no need to spread the same across past 6 years
3. 25B gives enough relief.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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